Real Estate

Context

igc partners is pleased to announce it advised Grupo Setin on the contribution of the Pullman Ibirapuera and Ibis Expo SP hotels to the XP Hotéis FII real estate fund. Both properties are located in prime areas of São Paulo.

Based in São Paulo, Setin is one of the largest real estate development groups in Brazil. The company has delivered more than 6,600 hotel rooms across 30+ properties and holds a solid track record in the hospitality sector, alongside operations in the residential and commercial segments.

Strategic Rationale

The transaction supports Setin’s strategy of portfolio rotation and liquidity generation while reinforcing XP Hotéis FII’s position as a key platform for acquiring high-quality urban hospitality assets.

Context

Founded in 1998, Raul Fulgêncio Negócios Imobiliários became one of the leading real estate agencies in Brazil’s interior, based in Londrina (PR). The company stood out for its performance in residential project launches, innovative marketing strategies, and close relationships with homebuyers. It played a key role in the urban transformation of underdeveloped areas in the city.

The agency built a solid reputation by partnering with large developers and delivering differentiated sales strategies focused on mid- and high-end vertical housing.

Context

LDI Desenvolvimento Imobiliário S.A., the holding company of the Lindenberg Group and owner of the development company Cipasa, sold its majority stake in Cipasa to Prosperitas in 2010. Cipasa, founded in 1989, had launched more than 38 developments, reaching approximately 21,000 lots sold and over 22 million square meters developed across São Paulo.

Strategic Rationale

The transaction initiated a new growth phase under Prosperitas’s management. The investor acquired around 75% of the company for an estimated value of R$150 million, bringing in capital and governance suited to scale expansion—shifting away from LDI’s prior strategy focused on high-end residential projects.

Context

Yuny is a prominent real estate developer based in São Paulo, known for its high-end residential and commercial projects located in prime neighborhoods with strong appreciation potential. The company has a solid and consistent track record, combining excellence in real estate development with a long-term strategic vision and a diversified portfolio aligned with urban market trends.

GTIS Partners is a global investment firm focused on real estate, with operations across the United States and Latin America. In Brazil, GTIS is one of the leading institutional investors in the sector, with a strong presence in residential, logistics, commercial, and hospitality segments.

Strategic Rationale

First direct investment by a foreign fund in a real estate developer in Brazil. The transaction involved three competitive proposals and resulted in a R$700 million capital injection from GTIS Partners, ensuring predictable returns for the fund and strong dividends, while also driving Yuny’s growth.

Context

In 2008, Even Construtora e Incorporadora S.A., a leading Brazilian property development company with vertically integrated operations across São Paulo, Rio de Janeiro, and Porto Alegre, established a strategic joint venture with Melnick Desenvolvimento Imobiliário, a highly profitable real estate developer from Rio Grande do Sul, known for its strong ROAE and sustained regional growth. The partnership was driven by shared business values and models.

Strategic Rationale

The joint venture allowed Even to deepen its regional footprint, while enabling Melnick to leverage Even's operational capabilities to accelerate expansion. It was a collaborative move combining technical prowess, compatible corporate cultures, and market knowledge to drive high-quality development.

Context

Setin is one of Brazil’s most established real estate companies, with a strong track record in residential, commercial, and hospitality development in São Paulo. Known for its technical excellence and consistent delivery of landmark projects, Setin has built a reputation for quality, execution, and credibility in the local market.

Klabin Segall was a publicly traded real estate developer, recently listed on Bovespa’s Novo Mercado at the time of the acquisition. With national ambitions, the company was seeking to accelerate growth through strategic acquisitions and the integration of complementary development platforms.

Strategic Rationale

The acquisition brought Setin’s construction expertise, landbank, and brand strength under the Klabin Segall platform, supporting its strategy of becoming a nationwide real estate group. It also marked one of the first major consolidation moves in the Brazilian real estate sector following the IPO wave of the mid-2000s.

Context

Even is a real estate developer and construction company with strong operations in São Paulo, Rio de Janeiro, and Porto Alegre. The company is known for its financial strength and focus on mid- and high-end residential developments, combining operational efficiency, construction quality, and strategic urban positioning across its portfolio.

Spinnaker Capital Group is a London-based investment firm specialized in emerging markets, with a strong presence in Latin America.

Strategic Rationale

Spinnaker Capital Group, an international fund with limited prior exposure to the real estate sector, made a capital investment in Even. igc structured an original investment thesis, connecting foreign capital with one of Brazil’s leading players in the real estate industry.